Supportive electric utility restructuring legislation, Stable revenue stream, and Ownership of lower-risk electric transmission and distribution system. Rate freezes expose the company to nonrecovery of excessive costs, Exelon's large off-balance-sheet obligations, and Operating risk associated with large nuclear generating fleet. The ratings on Exelon Corp. and its subsidiaries PECO Energy Co., Commonwealth Edison Co., and Exelon Generation Co. LLC are on CreditWatch with negative implications in response to the announced merger between Exelon and Public Service Enterprise Group Inc. (Enterprise). If completed, the merger will create the largest utility holding company in the U.S. Chicago, Ill.-based Exelon has about $10 billion in debt outstanding, net of stranded-cost securitization bonds. Similarly, Newark, N.J.-based Enterprise has about $10 billion in outstanding debt,
